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Cardano Ready For Breakout As Network Adoption Hits Major Milestone

Cardano is yet to venture into the $0.8 price level this year, despite most cryptocurrencies breaking past old price levels. Although the blockchain has seen some exciting developments, the price action has been a little bit behind when compared to its peers. However, Cardano continues to give investors a glimmer of hope, as activity keeps soaring to new highs. 

On-chain data shows that the active addresses on the Cardano network are spiking, with the monthly active count reaching its highest in the past year.

Monthly Cardano Active Addresses Hit One-Year High

Cardano’s active address count just hit a one-year high, signaling major network adoption and hinting at big things to come. According to data from Danogo, the active addresses in the past 30 days reached 596,915 on March 11, its highest since May 2023.

Interestingly, this number almost doubles the 279,000 active addresses recorded in September 2023, the lowest monthly active addresses in the past year. 

Active addresses are one of the few metrics to look at when measuring the adoption rate of cryptocurrencies. Notably, various metrics have shown a surge in activity on the Cardano network and its ability to process a high number of transactions.

A further look at the chart data presented by Danogo shows that the monthly active addresses reversed to start a spike at the end of February after going on a free fall in January.  

Data from Cardano Blockchain Insights tells a similar tale of increased activity, with the active daily addresses steadying above 50,000 since February 29. Active addresses in the past 24 hours were 66,970. 

A similar activity metric from IntoTheBlock shows increased activity from Cardano whales. Its large transaction metric, which measures transactions greater than $100,000, puts the number of whale transactions at 6,810 in the past 24 hours and $73.86 billion in the past seven days. For comparison, Ethereum’s large transactions stand at $63.17 billion in the same time frame. 

The supply in the top 1% has also shown a strong accumulation from whales, spiking by around 60 million ADA on March 10.

ADA To Reclaim $1?

Interestingly, ADA has more than tripled from a $0.24 price in the monthly active addresses low in September. At the time of writing, ADA is trading at $0.79, up by 42% in the past 30 days. 

ADA has been rejected at $0.8 twice this month already, but it is now on its way to retesting the price level again. If the bulls can push ADA above $0.8, this could give the cryptocurrency free rein to reach $1 for the first time since April 2022. Overall, the overall crypto market continues to retain a bullish sentiment, which could push ADA above $1 this month. 

Cardano price chart from Tradingview.com

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Cardano On-Chain Fundamentals Point To Massive Rally, Is $10 Possible?

The Cardano network is showing bullish signs, which suggest that a price surge might be on the horizon for the ADA token. Based on price predictions made by some crypto analysts, the crypto token could rise to as high as $10 when this happens. 

Cardano Network Is Healthy 

Crypto analyst Ali Martinez highlighted in an X (formerly Twitter) post that the Cardano network appears healthy. This is based on several metrics in which the network continues to experience significant growth. This includes the notable rise in daily active ADA addresses, transaction volume, and transactions from ADA whales. 

Martinez noted that this increasing activity “signifies strong network engagement and investor interest, positive indicators for continued growth.” It further suggests that more investors are increasingly bullish on the Cardano ecosystem (specifically ADA) ahead of the next bull run.

Cardano’s growth since last year has been one of the major talking points for some time now. At the beginning of this year, Bitcoinist reported that the network had gained more adoption since last year. Notably, Cardano achieved a significant milestone in December 2023, when all its blocks were reported to have been filled. 

More recently, Bitcoinist also reported how the network has seen massive growth in new wallets. Between February 22 and 23, Cardano witnessed almost a 90% jump in wallet creation, increasing from 1,706 to 3,227. The report also noted how Cardano has a diversified investor base, with retail and large-scale investors wanting to get in on the ADA token. 

ADA To $10?

Cardano’s impressive on-chain fundamentals no doubt point to a massive rally from the ADA token. It also provides optimism that the crypto token rising to as high as $10 in the bull cycle is possible. Before now, several analysts had given their thoughts on how ADA’s price could increase exponentially when the bull market returns. 

Crypto analyst Dan Gambardello was among those who painted the most bullish picture for ADA, stating that it could rise to as high as $11. This prediction means that ADA will not only rise to the $10 mark but also surpass it. Meanwhile, crypto expert Jason Appleton (aka Crypto Crow) went as far as predicting that ADA will rise to $32 and noted that it will be one of the most altcoins when that time comes. 

Ali Martinez once offered his ADA prediction when he mentioned how ADA could rise to $7 if it mirrors a historical move from 2020. ADA hitting $7 will undoubtedly make the $10 mark more feasible. 

At the time of writing, ADA is trading at around $0.78, up over 11% in the last 24 hours, according to data from CoinMarketCap. 

Cardano price chart from Tradingview.com (ADA)

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Bitcoin Millionaire Takes A Shot At Cardano For Being A ‘Wannabe Ethereum’ – Details

Cardano (ADA) is being caught in the crossfire once again as Bitcoin millionaire Arthur Hayes is taking shots at the network. Arthur, who is known for being a founder and former CEO of the BitMex crypto exchange, has been vocal about his dislike for the network, which he believes is trying to be like Ethereum.

Cardano Is A Wannabe Ethereum

In an interview with Coin Bureau, Arthur Hayes did not hold back while sharing his scathing review of the Cardano blockchain. The interview, which focused on the performance of Bitcoin and the crypto market so far, pivoted toward Cardano, which Hayes seems to believe is a low-quality copy of Ethereum.

The millionaire started out by warning investors to steer clear of altcoins, which seem to be all buzz and no substance. These projects which he believes should reflect on being “marketed too heavily” have had a track record of imploding and not surviving the market.

Turning to Cardano, Hayes delivered a scathing comment when he called the network the “first wannabe Ethereum.” Furthermore, the founder also does not believe that the network is all that relevant to the crypto industry and explains that the Cardano network is currently at risk of being irrelevant unless it finds some way to set itself apart from the countless Ethereum competitors out there.

Hayes also talked about the Spot Bitcoin ETFs, which were approved for trading in January. But contrary to the warm reception that these exchange-traded products have received, Hayes posits that it is not a win for crypto. Rather, it is a fee-generating vehicle for asset managers such as BlackRock, he explained.

Still Not Convinced About ADA

Hayes’s comments about Cardano have not been limited to the Coin Bureau interview alone as he also took to his X (formerly Twitter) page to bash the network once again. In the post, Hayes refers to the network as “dog sh*t”. He pointed out that the most active decentralized applications (DApps) on the network were not originally launched on Cardano, questioning if the network has any offering that is widely used by investors,

Hayes takes the bashing a step forward by tagging Charles Hoskinson, founder of the Cardano network, and asking him to educate him about the network. However, instead of the usual clapbacks that Hoskinson is known for, he takes a more lighthearted tone, saying, “Arthur, why are you throwing shade at Cardano? I like you man.”

Presently, Cardano continues to show strength after its Total Value Locked (TVL) rose 18% in the last month to cross $504 million. This makes it the 16th-largest network by TVL, in front of the likes of Coinbase’s Base and Aptos, according to data from DeFiLlama.

Cardano price chart from Tradingview.com

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Cardano Activity Sees New Life That Could Send ADA Price Soaring, Here Are The Targets

Cardano (ADA) has been stuck in a price rut recently, but behind the scenes, activity on the Cardano blockchain is exploding. Transaction volumes and wallet addresses are all growing, showing that interest and adoption of the network are growing rapidly. All this activity has prompted analysis of how far the crypto can spike in the near future.

Cardano On-Chain Activity Points To Future Price Growth

Cardano’s growth in development activity in recent months has rivaled other cryptocurrencies, putting it on the map among developers. Metrics show that there are currently 1,322 projects under development. Similarly, Plutus V2 scripts recently reached 18,821, and Plutus V1 scripts also stand at 6,536 to make a total of 25,357, indicating the growth of smart contracts.

Related Reading: Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure

These scripts are essential for deploying smart contracts on the Cardano chain and have seen a 76% growth from 14,379 scripts recorded on January 1.

At the same time, Cardano’s transaction count in the past two months has been something to boast about. The Cardano ADA network recently successfully completed 255,000 payments in 24 hours. Particularly, December and January saw Cardano process over 4 million transactions each month, showing the increasing network usage. 

Active daily addresses have steadied above 30,000 since the beginning of the year, recently reaching 57,304 active addresses on February 4th. The total transaction count is now at 83.58 million. These metrics reflect the network’s ability to process a high number of transactions and its appeal to developers looking to build innovative crypto projects. 

Cardano network

Price Targets Suggest ADA Could Reach $4 To $6 Long Term

Despite the gloomy price action in the past month, these metrics point to Cardano price sentiment changing to a more favorable one. As a result, analysts predict a bullish turnaround, with one even putting a $4 to $6 price target by 2026. This represents a 730% and 1140% growth from the current price level.

In a similar vein, crypto analyst Ali Martinez predicted a more bullish surge to $8 by January 2025, representing a 1558% surge from the current price level. Nevertheless, ADA has a lot of room to grow if Cardano can continue to attract developer and investor interest.

At the time of writing, Cardano is trading at $0.4825, with 44% of addresses still making a profit and 51% of addresses currently at a loss. While short-term volatility is likely and the road ahead still has obstacles, the long-term price outlook for ADA looks bright, and Cardano appears well positioned for future success in a wider crypto market bull run. 

Cardano price chart from Tradingview.com (ADA crypto analyst)

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How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

[toc]

The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

Cardano (ADA) The Supposed Ethereum Killer

It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

How Does Cardano (ADA) Work?

The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

The Cardano Computational Layer (CCL):

The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

The Cardano Settlement Layer (CSL):

The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

Blockchain Industry Issues Cardano Aims To Solve

  • To create a secure voting mechanism for token holders. 
  • To Separate accounting and computation layers. 
  • To create an infinitely scalable consensus mechanism. 
  • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

Benefits And Advantages of Cardano (ADA) Blockchain

Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

Cardano

To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

How To Install, Set Up, and Use DAEDALUS Wallet

Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

Daedalus wallet

Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

Download Daedalus

Please note that the blockchain must be completely synced before you can use your wallet.

Syncing crypto

To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

Cardano crypto wallet

After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

Recovery phrase

Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

Cardano Daedalus

Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

setup crypto

How To Use The Wallet Function On Minswap Instead Of Daedalus

Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

Minswap

The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

Connect wallet

You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

Minswap Cardano wallet

How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

fund wallet

How To Trade Crypto Tokens On MinSwap

To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

Crypto wallet Cardano

Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

Checking Prices Of Cardano-Based Tokens

Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

TapTools

Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

TapTools Sundae

Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

Swap crypto Cardano

TapTools Swap

Conclusion 

Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

Posted on

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

[toc]

The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

Cardano (ADA) The Supposed Ethereum Killer

It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

How Does Cardano (ADA) Work?

The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

The Cardano Computational Layer (CCL):

The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

The Cardano Settlement Layer (CSL):

The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

Blockchain Industry Issues Cardano Aims To Solve

  • To create a secure voting mechanism for token holders. 
  • To Separate accounting and computation layers. 
  • To create an infinitely scalable consensus mechanism. 
  • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

Benefits And Advantages of Cardano (ADA) Blockchain

Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

Cardano

To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

How To Install, Set Up, and Use DAEDALUS Wallet

Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

Daedalus wallet

Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

Download Daedalus

Please note that the blockchain must be completely synced before you can use your wallet.

Syncing crypto

To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

Cardano crypto wallet

After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

Recovery phrase

Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

Cardano Daedalus

Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

setup crypto

How To Use The Wallet Function On Minswap Instead Of Daedalus

Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

Minswap

The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

Connect wallet

You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

Minswap Cardano wallet

How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

fund wallet

How To Trade Crypto Tokens On MinSwap

To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

Crypto wallet Cardano

Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

Checking Prices Of Cardano-Based Tokens

Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

TapTools

Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

TapTools Sundae

Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

Swap crypto Cardano

TapTools Swap

Conclusion 

Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

Posted on

Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion

The Cardano network continues to defy expectations and prove its doubters wrong. This time, the network has hit a new milestone, which suggests that users are indeed taking advantage of its smart contract functionality. 

Cardano Sees Significant Increase In Smart Contract Usage

Data from Cardano Blockchain Insights has revealed an increase in the usage of Cardano’s Plutus V1 and V2 scripts. As of January 22, 24,050 smart contracts had been executed using these Plutus scripts. This is impressive, considering that this figure stood at 14,379 at the beginning of this year.

This recent increase can be traced back to January 9, when smart contract usage on the network really began to pick up. Specifically, the number of smart contracts executed on Cardano using the Plutus V2 scripts rose from 8,270 to 12,890 on that day. Since then, that figure has skyrocketed to 17,718. 

As expected, the Plutus v2 script is more widely used than its V1 counterpart, considering that the former is a newer generation of Cardano’s smart contract scripting language. Cardano introduced Plutus V2 to reduce user costs and enhance script throughput effectively. Meanwhile, this development no doubt further proves naysayers wrong. 

A recent report by crypto research firm K33 boldly asserted that there was no “proof of Cardano being used for anything.” K33 further suggested that a “group of bagholders” were the ones simply fabricating a majority of transactions on the network, and nothing meaningful was going on Cardano.

ADA price chart from Tradingview.com (Cardano smart contracts)

Cardano’s Utility Good For ADA’s Price

Dan Gambardello, the founder of Crypto Capital Venture, once highlighted how the Cardano network had improved since the last bull run. The network’s smart contract functionality was among the features he alluded to as undergoing a significant upgrade since then. Notably, these improvements form part of why he believes that ADA could rise to $11 in the next bull run.  

These improvements have indeed contributed to the ecosystem’s resurgence. Last year, the network saw a significant rise in its DeFi activity, and although there has been a decline recently, things are expected to pick back up soon enough. The network’s development activity also looks to be paying off, as Gambardello recently revealed that there is now Social Finance (SocialFI) on Cardano.

Members of the Cardano community will hope that a fiat-backed stablecoin can finally be introduced on the network. The introduction of a stablecoin is believed to be another factor that could help increase Cardano’s utility. This could also cause an inflow of new money into the ecosystem, something which could positively impact ADA’s price. 

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Crypto Pundit Says Cardano Rivals XRP Community, But Why Is ADA Price Struggling?

Cardano has consistently remained one of the largest cryptocurrencies in the industry with the price of its native ADA coin following the crypto market rally. However, it has not performed as well as other cryptocurrencies despite its marked popularity among investors. Given this, crypto pundit Ben Armstrong, popularly known as BitBoy, has shared his views on why the network is struggling.

Cardano Struggles Through Misinformation

One of the problems that the crypto analyst mentioned that Cardano has run into over the years is the fact that there has been misinformation. A lot of times, Cardano has been subject to FUD (Fear, Uncertainty, and Doubt) especially when it comes to its decentralized finance (DeFi) capabilities.

The network is really playing catch-up when it comes to DeFi as the likes of Ethereum and Solana enabled this ability years before Cardano. However, the network has seen significant growth since it first announced smart contract capabilities back in 2021.

Armstrong explains that a lot of FUD have also been directed at the founder Charles Hoskinson whose involvement with Ethereum as one of the co-founders in the early days is often called into question. But contrary to popular belief, the analyst believes that Hoskinson’s involvement with Ethereum actually helps to boost the credibility of the Cardano network.

Hoskinson has also been subject to allegations of being a scammer, as well as the Cardano network being “finished,” among other interesting allegations, as well as its native ADA token being referred to as a stablecoin. The last part takes a jab at the fact that the ADA price has not moved much in the last year.

However, Armstrong explains that Cardano boasts one of the most decentralized token distributions in the entire crypto industry. “Currently, over 60% of the supply is staked and during the bull market, the number was well over 70% on a regular basis,” he stated. This makes the coin an attractive choice for investors.

Cardano ADA price chart from Tradingview.com (XRP)

ADA Community Similar To XRP Community

Armstrong has been vocal about his support for the XRP community which he believes is the strongest community in crypto. Then coming up behind the XRP community, the crypto analyst believes that the Cardano community is the second-strongest in the industry.

In addition to this, Armstrong calls ADA “one of the most consistent performing coins in the history of crypto.” ADA, on its own, has managed to perform incredibly well in each bull market since its inception. During the 2020-2021 bull market, the ADA price would go from around $0.02 to over $3 before correcting back downward.

Presently, the ADA price is trending at $0.61, rising approximately 143% in the last year alone. With a market cap of $21.7 billion, it is currently the eighth-largest cryptocurrency by market cap.

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Analyst Predicts 8800% Ascent to $35 Cardano (ADA), Here’s When

Crypto analyst Fiery Trading has revealed a very bullish outlook for the Cardano (ADA) price. The digital asset which has been having a reasonably good run over the last few weeks is expected to shatter expectations as the analyst puts the price at $35.

Crypto Analyst Predicts 8800% Climb To $35 For ADA

Fiery Trading’s latest Cardano (ADA) prediction right be one of the most bullish for the digital asset this year. ADA, the native token of the Cardano network, is currently trading at $0.388 and if the crypto analyst’s prediction proves true, then it’ll be an 8,800% rise to $35.

The analyst presents the argument that ADA had already bottomed out last month and this is why the price has been in an uptrend. They place the bottom for the price downtrend at the bottom support of the parallel channel which happened right before the price recovery started.

Cardano (ADA) price chart from Tradingview.com

As the analyst explains, “The parallel channel is formed by drawing a line between the two bull-market tops, and copying that exact line towards the Corona dump’s bottom.” So with this, ADA has confirmed the pattern, which is very bullish for the digital asset.

Fiery Trading explains that it is this trend that could drive the Cardano price toward the new all-time high of $35. However, this is not happening soon as the crypto analyst expects that the next market top for ADA during the bull market will happen sometime in 2025. Nevertheless, the analyst expects ADA to follow this pattern and ride it all the way above $35.

Cardano ADA price chart from Tradingview.com

Cardano Bullishness Spreads

Fiery Trading’s prediction above $30 is not the first to emerge for the Cardano price. Another analyst Lucid had also presented a similar argument that the ADA price could climb above $30. However, where Fiery Trading used the parallel channel confirmation as a basis for their analysis, Lucid argued that Cardano had the potential to surge to $30 if “even Ethereum with all its issues hit $500 billion!”

Investors seem to agree with this outlook as they have increased their accumulation over the last month. Notably, Cardano whales spent over $600 million to buy 1.89 billion ADA in one month. These large investors also increased the frequency of their transactions and the fact that the price continued to climb amid this suggested that they were buying rather than selling.

This growing confidence from investors and the fact that Cardano remains one of the top networks in terms of developments suggests that it is primed for an intense breakout. It also means that the digital asset is well-positioned to do well in the bull run.

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Cardano (ADA) Getting Ready To Explode: Analyst Presents 16,500% Blowout

Cardano (ADA) has been stuck in an accumulation zone for a couple of months now and has not seen the kind of run-up other large cryptocurrencies have experienced. This continued accumulation as well as trading in a very tight range could mean a very significant breakout when it finally happens and one crypto analyst has predicted an incredible surge along these lines.

Cardano Could See A 16,500% Surge

Tim Warren, one of the hosts of the Investing Broz show on Discord, took to X (formerly Twitter) to share a rather bullish Cardano chart. In the chart, Warren points out Cardano’s previous price performance which has been nothing short of phenomenal.

As the chart shows, the ADA price had fallen around 98% from its prior all-time high which it had hit in 2018. By 2020, ADA’s price was sitting as low as $0.018, but the imminent turnaround would take the entire market by surprise. ADA would go on to rally a total of 16,500% by the time it hit its new all-time high of $3.10 in 2021.

Cardano ADA 16,500% rally

Applying this historical performance to the current price level of ADA could suggest another such rally. Cardano’s price is currently sitting around 92% below its all-time high, which puts it close to the same level it was back in 2020.

If ADA sticks to this historical performance and does a repeat, a 16,500% surge from the current price level would put the digital asset’s price at $40 at its peak.

Cardano ADA price chart from Tradingview.com (16,500% surge)

The Value Proposition Of ADA

Responding to Warren’s post, another X user, Chris O chimes in with the value proposition of the digital asset. Chris, who is the founder of Ghost Fund DAO, a protocol on Cardano, explained that ADA’s previous 16,500% surge had happened without having support for smart contracts and decentralized finance (DeFi), among others. But now that the network supports this, the founder believes this could trigger a large rise.

Chris points to the presence of DeFi, a rising Total Value Locked (TVL), non-fungible tokens (NFTs), and sidechains which are now prominent on the network. He also points out the various protocols which have been launched on the network across these different sectors.

As Chris points out, ADA had done a “165x from bear bottom” without Cardano having support for all of the sectors listed above. So he believes that “A 25x – 40x is a very reasonable expectation. Drown out the noise.”

Related Reading: Meme Coins That Are Ripe For The Picking Following $3.2 Billion Crash

Chris referred to Warren’s chart as a “simple chart showing FUTURE opportunity.” However, if ADA were to make a repeat of its 2020-2021 rally, a 40x would only be the beginning for the digital asset.

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The Most Impressive Highlights From The Cardano Development Report

Behind the scenes, Cardano (ADA) has been actively building and introducing exciting innovations to its blockchain and ecosystem. This is evident in the latest weekly development report shared by Essential Cardano.  

Cardano: Highlights From The Report

One of the notable highlights from the report includes the updates being made to Cardano’s Lace wallet. This week, the team is said to have worked on a feature that allows users to choose the delegate ratio between “different stake pools, integrated portfolio persistence.” The team has also fixed issues relating to the User Experience (UI). 

The wallet launched earlier this year to a welcoming reception, with many excited about its functionalities and the multiple use cases it provided to users. Upon launch, the development team promised to continue introducing new updates to the wallet.

The report also indicates that users could get an update on the DApp connector, allowing them to enable it with selected extensions “such as those listed on CIP-95.” An update to the wallet’s UI reflecting the different types of governance actions is also imminent. 

Meanwhile, the Plutus tools team identified key issues relating to the Cardano blockchain using the new Marconi API. Marconi was developed to help index and query the blockchain. The team also used this solution to test the new “Cardano-node-emulator”, which is expected to be integrated into the blockchain’s smart contract code. 

While at this, the Plutus tools team made certain optimizations to Marconi, which improved synchronization times and the system’s overall performance. 

The Marlowe team was also busy this week, making specific adjustments to the Marlowe oracle. Marlowe is the code which allows Cardano users to create decentralized applications (dApps) that are specifically designed for financial contracts. 

Updates To Basho And Preparation For Voltaire

The Hydra and Mithril teams focused on updating Cardano’s current development stage, Basho. The Basho era is the fourth stage of Cardano’s development, primarily focusing on scaling and interoperability. 

On one hand, the Hydra team worked on improving the network’s usability and identified ways to enhance the network’s resilience. On the other hand, the Mithril team released a new update which allows support for certain actions on the network. They also made corrections in the Mithril nodes.

Cardano is also gearing up for when it moves to the last and final development stage known as Voltaire. This stage will be focused on governance. The Voltaire GovTool was shared with ADA holders as part of its preparations.

It will enable them to register as delegate representatives (DReps), allow them to delegate their voting power to other DReps and decide on several governance actions. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from: FXStreet

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Cardano: Factors That Could Drive ADA Price As High As $12

The Cardano community has been one of the fastest-growing in the crypto space and this has shone a heavy spotlight on the ADA price. With expectations mounting already even amid the crypto winter, there are key factors that stakeholders believe could drive the altcoin’s price as high as $12.

ADA Price Could Reach $12

In the last bull market, the ADA price went on a tremendous rally that saw the coin rise from as low as $0.03 to as high as $3.10 at its peak. This price action cemented the token as one of the winners of the bull, and some investors believe that the coin could be poised for another repeat of this price action. One X (formerly Twitter) user has given some points as to why this could be the case.

In the post, the user points to the current state of interaction and sentiment in the crypto market right now, which they refer to as brutal. However, they do not believe that this will always be the way things will be. According to the user, a quick change in the interaction and sentiment would lead to a rapid price increase.

At this point, they believe that most investors will end up entering the asset at a much higher price of $3 and above. This would put it at its previous all-time high. However, it doesn’t end there. They put forward that at the end of the next bull market, the ADA price would be between $8 and $12.

As with any forecast, a timeframe is often asked and they responded that they expect this to happen in the second quarter of 2025. This would coincide with the current 4-year cycle that usually sees prices of cryptocurrencies topping out by Q2 and Q3.

Cardano ADA price chart from Tradingview.com

Cardano Is In Better Shape

A prominent Cardano influencer has also painted a bullish picture for the digital asset. @cardano_whale, an account that boasts over 137,000 followers on X, said in a tweet that the Cardano network is currently in better shape than it has ever been.

They urged investors who have been increasingly critical of the network to think if they are that way because they are projecting their emotions from the ADA price action onto the network itself. “If you’ve noticed yourself become increasingly negative about it over the last year or so, consider that you might just be projecting emotions from price action onto it,” the post read.

Although ADA has not seen the most impressive performance, it has not deterred bullish predictions from analysts. One analyst explained that ADA at $0.25 was a prime accumulation price and that the price of the digital asset could climb as high as $5.

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Analysts Are Bullish On ADA But Price Keeps Tanking, What’s Going On?

One coin that analysts seem to still be bullish on is Cardano’s native token ADA. However, despite all of the faith that remains in the digital asset, the price continues to tank and has fallen below multiple important support levels.

Analyst Goes Deep On Cardano

In an interview hosted by Altcoin Daily, crypto analyst Hashoshi shares very bullish views on the Cardano network. He starts out by explaining that the design decisions being made by the Cardano network have been some of the better ones in the space. Going further, Hashoshi lauds the development rate of protocols on the blockchain as projects continue to build.

“Cardano’s done things almost completely different from the start,” the analyst said. “They’re in a good position right now, despite what people might believe, to make a resurgence if the conditions are correct,” he further added.

For the price of ADA, the analyst explains that with liquidity coming back into the crypto space, the price of the digital asset could reach above its previous all-time high of $3.10.  “The community is still strong… and I think then you see them outstrip that previous all-time high.”

Hashoshi is not the only analyst bullish on the price of ADA going forward. Another analyst Kara Szabo has predicted that the price of the digital asset could climb to $5. Szabo also bought $20,000 worth of ADA at the start of September, signaling the analyst’s conviction on the altcoin’s bullish performance going forward.

“My conservative price estimate for the next bull run is $5,” Szabo said on X. “I know some people will think this is low, but this is a 20x from the current price!! For a large market cap alt, this very well may be one of the best plays in crypto at the current price point.”

Cardano (ADA) price chart from Tradingview.com

But Why Is ADA Price Falling?

Despite the bullish sentiment that has enveloped the digital asset, the ADA price has continued to struggle in the market. The reason for this decline can be attributed to a significant amount of ADA being unstaked from smart contracts, causing the total staked ADA to slide downward.

Data from DeFi tracker DeFiLlama shows that the total tokens staked on the Cardano network dropped from above 777 million on September 2 to 733 million on September 11. This meant that over 43 million ADA were unstaked and likely made their way to the open market as these holders sold their stash.

Staked ADA falls

Such a large amount being dumped into the market in a period of low liquidity could see the altcoin continue to drop, especially if more ADA is unstaked to be sold in the open market.

However, ADA’s long-term outlook remains bullish as the Cardano network remains one of the networks with the most developments taking place. As developers flock to the network, investors are expected to follow.

At the time of writing, ADA is struggling at $0.24, down 2.33% in the last day and 5.10% in the last week.

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Cardano (ADA) Price Remains Muted Despite Significant Milestones, Why?

Cardano (ADA) has been at the forefront of network development over the last few months. This continued commitment to further development on the blockchain has led to the network hitting multiple new milestones. However, the price of ADA has remained stagnant, so what’s going on?

Latest Achievements For Cardano

The year 2023 has been a good year for the Cardano network so far as it has celebrated multiple achievements during this time. The first of these is the fact that the Cardano network has recorded one of the longest uptimes of any blockchain in the space.

Cardano has recorded a continuous uptime record of 2,131 days as of July 28, which means that the network has not had an outage in almost six years. This achievement points to the sound technology behind the blockchain, in comparison to competitors such as Solana which has been characterized by multiple outages since its launch.

Another achievement for the network has the consistent development taking place. Cardano has consistently ranked among the top 3 ecosystems when it comes to development and this time around has been no different.

Cardano (ADA) price chart from TradingView.com

According to data from the on-chain tracker Santiment, the network is number 3 on the list of assets with the most developments over the last 30 days. This puts it behind only Polkadot (DOT) and Kusama Network (KSM), both of which emerged 1st and 2nd, respectively. This placement also puts Cardano ahead of its largest competitor Ethereum in terms of development.

But Why Is ADA Not Reflecting The Achievements?

Usually, when a network such as Cardano is recording such achievements as it has, it is reflected in the price of its native in the form of a rally. However, there has been no such performance from ADA. Rather, the altcoin has been shedding its gains since June.

The problem may not be from ADA and might stem from the fact that the crypto market just reverted into another bear market trend. As a result, the broader market has been following the movement of Bitcoin, which on its own has reversed toward the low $29,000s.

Given Cardano’s developments, if the market were to resume its rally, then ADA may emerge as one of the top performers. This would stem from the positive sentiment surrounding the token due to its significant achievements.

Meanwhile, ADA is still performing well on a broader scale. At its current price, the digital asset’s price is up over 40% from its June lows, and ADA holding a good chunk of these gains shows that demand is rising to meet supply, thereby steadying the price.

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Cardano (ADA) Price Fails To Break $0.5 Despite Vasil Hype

The Cardano Vasil hard fork has been in the works for a while now. Hype for this hard fork had been overshadowed by that of the Ethereum Merge, but now that the Merge is done and out of the way, the focus has now fallen back on the Cardano network once more. Given this, there has been much optimism about where the price of ADA is going from here, but the digital asset has not given any indication of positive movement.

ADA Fails To Move

With the Cardano Vasil hard fork drawing closer, investors have been expecting the kind of market run-up that preceded the Ethereum Merge. However, the price of ADA has not been responding in the same way since it continues to trend low. 

The digital asset has suffered various dips during this time that has brought it down to $0.44 during this time. Even with the news of the hard fork and a definite date for the upgrade, there has been no significant increase in the price of the digital asset. Instead, ADA has succumbed to the general market trend and has remained in the red over this time. 

Over the last 24 hours, the price of ADA has been sliding. It has lost 10.76% already in the last day and is down 14.41% over the longer time frame of 7 days. The bearish outlook for the digital asset continues to wax strong, keeping the digital asset from reaching the $0.5 point.

Cardano is currently seeing significant resistance at $0.47. Support levels for the digital assets are not as strong as expected, making it easy pickings for the bears. Presently, the odds of ADA getting to $0.5 is growing slimmer with each day.

Cardano Hard Fork Coming Up

The Vasil hard fork is scheduled for September 22nd, and Cardano founder Charles Hoskinson has assured the community that everything is going as planned. The founder said this in a live broadcast that garnered more than 44,000 viewers, where he explained that the hard fork had actually been triggered. 

This shows that the requirements for the Merge to begin have been fulfilled, and the hard fork is ready to be carried out. The developer behind the Cardano network, IOG, has also dropped statements that speak to the readiness of the network for the upgrade.

IOG explained that the completion of the upgrade would make the network more developer friendly. Higher functionality, performance, and scalability are expected following the upgrade. The Vasil hard fork is now the most anticipated upgrade in the crypto space.

As for the price of ADA, selling pressure is still mounting in the market. Demand has declined, causing the tokens to be valued lower than they did a year ago. Nevertheless, Cardano is still a dominant cryptocurrency, ranked as the 8th largest cryptocurrency with a market cap of $14.94 billion.

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Cardano Vasil Hard Fork Launch Date Set, Time To Buy The News?

The highly anticipated Vasil Hard Fork on the Cardano network has been rescheduled. The hard fork was expected to push forward work that had been done on the network over the last couple of years. Due to this, the news of the June 29th launch had sparked a lot of enthusiasm for the network and had seen the price of its native token, ADA, surge. Now, with the delay, investors have had to reassess their stance and strategy when it comes to Cardano.

When Is Vasil Hard Fork Launching?

According to a blog post from IOG, the developer behind Cardano, the launch date for the Vasil Hard Fork had been moved back by another four weeks. So instead of launching next week as was previously announced, users will have to wait until the last week of July for the hard fork to be completed.

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Delays like these are not new in the crypto space. Ethereum’s move to the consensus layer has been in the works for a while now and has been subject to many delays over this time. Cardano notes in the blog post that the reasons for the delay have been the bugs that have been found to date. In particular, there are seven bugs that the developers are working to figure out. Although none of them are particularly ‘severe’.

ADA price declines to $0.49 | Source: ADAUSD on TradingView.com

The post also notes that the developer is 95% done with the Plutus V2 test scripts. Adding that the Vasil hard fork had been the most complex development and integration on the network to date and as such, has been a challenging process.

Time To Buy Cardano?

Like with anything, an important upgrade such as the Vasil Hard Fork can carry various implications for the price of the digital assets themselves. This is why investors are always trying to time and buy along with times when there will be the most hype.

Since the upgrade has been pushed further by another four weeks, it has pushed the buying opportunity far back. If the price of the digital asset were to fall below its 20-day moving average in the next three weeks, it would present a good opportunity to enter the cryptocurrency in a bid to catch the height of the hype.

Related Reading | Over $250 Million In Liquidations As Bitcoin Recovers Above $20,000

Mostly, when “buy the rumor and sell the news” comes into play, it is best to always purchase the cryptocurrency right before the rumors begin. And then around the time of the launch will see a good amount of dumping which is when the price declines. This was the same thing that occurred prior to and after the launch of smart contracts capability on the Cardano network. 

The price of the digital asset is currently trading at $0.504 at the time of this writing. The next major resistance point lies at $0.55 while support is available at $0.43.

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Will The Vasil Hard Fork Trigger A Cardano (ADA) Bull Run?

Cardano has been looking towards its most recent hard fork titled the Vasil Hard Fork. This will improve not only the network efficiency but is said to make the network more developer-friendly as a whole. The countdown to the hard fork has been a source of hope for many. Given that the price of Cardano’s native cryptocurrency ADA has been struggling so hard, the hope is that the launch of the hard fork will give it a nudge towards recovery.

Why Is Vasil Hard Fork Important?

For a network like Cardano which is seeing rapid growth, it becomes imperative for the network to run even better than it already does. This includes better network speed and of course, higher throughput and scalability to handle all of the activity.

With more than 1,000 projects being developed on the network, Cardano is also looking to make the network more developer-friendly. More projects are expected to jump on board given its better functioning compared to Ethereum and the network plans to accommodate all of these with ease.

Related Reading | Bitcoin Miner Revenues Stay Low As Price Decline Continues

There are still more than two weeks to go for the launch of the Vasil hard fork on the mainnet but there are already a lot of talks and hopes surrounding it. It is currently running on the Cardano testnet, improving the efficiency of smart contracts. After the June 29th launch, smart contracts on the Cardano network will be cheaper and faster in terms of their functioning.

ADA downtrend continues | Source: ADAUSD on TradingView.com

Vasil follows the most significant hard fork yet on the Cardano network; the Alonzo hard fork. Alonzo had brought smart contract capabilities to the network. However, Vasil will build and improve on this foundation to make it a more efficient network.

Cardano (ADA) On The Charts

The price movements of Cardano (ADA) over the last six months have been brutal. The digital asset which had peaked at $3.10 has simply lost all of its holds causing it to crash down more than 80% from this all-time high value. This has put the cryptocurrency in the hands of the sellers and they continue to drag the price down. 

ADA has, however, seen some significant recoveries which have brought it close to its 50-day moving average. But as long as it continues to trend below this line, the outlook is still bearish for ADA. It is also significantly below its year-to-date moving average and this, too, paints a bearish picture for the altcoin.

Related Reading | Bitcoin Decline Sees Funding Rates Plunge To Three-Month Lows

Nevertheless, investor outlook toward the digital asset has been turning for the better. This is mostly due to the anticipation around the Vasil hard fork. The growth of the Cardano DeFi sector has also played a big role in this improvement in positive sentiment. If this continues, ADA may see the $1 mark before the month runs out.

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Cardano TVL Jumps 30% In 24 Hours As It Recovers To $155 Million

Cardano has been making waves in decentralized finance (DeFi) ever since it debuted smart contract capabilities on the network. Development has ramped up, making it the network with the most developments going on. This activity has translated to a rise in the total value locked (TVL) on the network. And although this value has been declining for a whole, it recently recorded a recovery that saw it jump 30% in a single day.

Cardano TVL On The Rise

Shortly after multiple decentralized exchanges (DEXes) had been launched on the Cardano network, the TVL had quickly climbed. This was a result of the accelerated adoption that came with notable personalities such as Snoop Dogg taking to the platform and bringing their enormous fanbases with them. At its peak, Cardano’s TVL had grown as large as $326 locked back in March.

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However, just as the market had declined, the DeFi space had taken a big hit too. The result of this was that TVL had fallen more than 50% from its all-time high and the Cardano network, just like other networks, had watched its TVL decline.

On Monday, the network’s TVL had dropped to $118 million, its lowest in a two-month period. However, this would prove to be short-lived given that a surge bumped it back above $150 million in TVL. In a 24-hour period, Cardano’s TVL had added more than 30.96% to its value bringing it to its current position of $155.24 million locked on the network.

ADA price on the rise following surge in activity | Source: ADAUSD on TradingView.com

Minswap (MIN) continues to dominate on the network, while newcomer WingRiders (WRT) has beat out OG protocol SundaeSwap (SUNDAE) to claim the second position in terms of TVL. SundaeSwap now places third with a total of $36.51 million locked.

DeFi TVL Still Struggling

2021 was no doubt the year of decentralized finance (DeFi) given how much TVL was added in the span of a year. From trending at $21 billion in January 2021, DeFi TVL peaked at $230 billion in the same year. This would set the tone for the rest of the year. That is until eh December 4th crash rocked the crypto market to its core.

Related Reading | Negative Sentiment Deepens In Crypto, Why Recovery May Not Last

The decline that would begin from this point outward would be very apparent. In a matter of six months, the DeFi space has now lost more than $115 billion, culminating in more than half of its TVL being shaved off.

Currently, the crypto market is on a recovery trend as bitcoin has recovered above $30,000. This recovery has had an impact on the DeFi TVL but not much. TVL is up 4.87% in the last 24 hours, bringing the total value locked to $112.39 billion as at the time of this writing.

Featured image from Young Platform, chart from TradingView.com

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New Wallets Surge On Cardano, What’s Behind This?

The Cardano network is no stranger to accelerated growth but every now and then, there is a spike that causes the market to take a pause. This has been the case with the number of new wallets added on a daily basis which had reached a high of 7,600 new wallets added in a single day. While this is going on, speculations abound as to why the network is now seeing this rate of accelerated growth compared to when the market was still in a bull trend.

More Adoption Coming

The adoption of the Cardano network has been one of the reasons behind this increased interest in the blockchain. More users are coming to know Cardano as a major contender in the decentralized finance (DeFi) space, thus prompting them to start using the network. The result of this was not only had daily new addresses hit 7,600 in a single day, there had been more than 200,000 new addresses added to the network in the space of a month.

Related Reading | The Young Turks Embarrass Themselves Trying To Discuss Crypto Regulation

One solid reason behind this has been the adoption of the network for its NFT capabilities. Now, like with much else, the Cardano network offers cheaper and faster transactions compared to its biggest competitor, Ethereum. This has led some prominent figures to choose the network as the platform to launch their NFT projects. One of these is legendary rapper Snoop Dogg who announced that he would be launching an NFT collection on the blockchain.

ADA price falls below $1 | Source: ADAUSD on TradingView.com

No doubt the entrance of such a prominent figure into the Cardano space has spurred interest from followers of the superstar, who would want to take advantage of the network the rapper is using. Blockchain Insights also draws this same conclusion, tying the increased interest in the network to the rapper’s NFT launch. 

Today 7687 new ADA wallets per day.

Hard to be certain what caused this massive spike of new ADA wallets per day but we will take a guess and attribut this to @The_ClayMates and @SnoopDogg partnership. https://t.co/MWDH2hCgeO pic.twitter.com/vWwZa7O4k6

— Cardano Blockchain Insights (@InsightsCardano) April 18, 2022

More People Building On Cardano

The Cardano DeFi space is still very young compared to its competitors but that has not meant that the network has staggered in its growth. IOHK, the developer behind Cardano, in a recent report, revealed that there are almost 900 projects that are currently being built on the Cardano network, and what’s more, this number is growing by the day.

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This accelerated rate at which developers are building on the blockchain shows interest from different parties. These projects which are set to launch on the blockchain will no doubt make it one of the top contenders in the future.

Cardano founder Charles Hoskinson has said that the network is “just getting started” in response to a tweet that shared the milestone of more than 100,000 wallets added in a month. The founder also recently proposed building a decentralized social media platform that would compete with Twitter on the Cardano blockchain, as well as other leading blockchains in the space.

Featured image from CoinFunda, chart from TradingView.com

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New Cardano Milestone Might Be The Push It Needs To Scale $1.50

Cardano has been struggling on the charts since its decline that began last year. It has since taken the digital asset below $1, although a recent recovery trend has rectified that. Nevertheless, Cardano is yet to regain at least 50% of its all-time value. With low momentum rocking the cryptocurrency, it has been an uphill battle getting the asset back up to $1.20.

Despite the price, the project itself has continued to see progress, and recently, it hit a new milestone. One that could very well be the much-needed put for Cardano to once again reclaim the $1.50 mark.

Cardano Surpasses 30 Million Transactions

As the adoption of the blockchain has grown, the transaction count has gone up significantly. The total transaction count for the network has now surpassed 30 million. For Cardano, this is an important milestone in the competition between the various smart contracts platform.

This milestone comes on the back of IOG, the developer behind Cardano, announcing a new parameter update that helped to increase the block size by another 8KB bringing the total block size to 80KB. With this update, the number of transactions incorporated by the network on a daily basis has gone up greatly. The update was announced on February 1st. Since then, Cardano has incorporated over 895,000 transactions.

Related Reading | Cardano (ADA) Forms Local Resistance As It Readies For Another 40% Liftoff

There have been a number of updates proposed on the network to increase its overall capacity and security. This has translated to a higher number of transactions being processed on a daily basis. It will also help to accommodate all of the loads expected as decentralized applications (DApps) launch on the blockchain, as well as various large NFT drops expected to take place.

What About ADA?

Cardano’s native token ADA has not been on the best course in recent times. After touching $3 at its ATH, it has since crumbled to six-month lows. However, with the recovery trend in the market, the digital asset has now made a significant movement back towards its previous value.

ADA which had trended between $0.9 and $1.10 for the longest time has finally made the break above $1.20. This is also significant for the digital asset as $1.20 has proven to be a strong resistance point for the cryptocurrency. After breaking through this resistance point, the next drop-off point for ADA will be around the $1.55-$1.65 mark.

ADA breaks above $1.20 | Source: ADAUSD on TradingView.com

Despite the fact that ADA has recovered from its recent lows, its investors are still seeing more losses than gains. ADA’s holder base has been one of the hardest hit with only 19% of the entire investor base in profit at current prices. A large majority of holders (66%) are in loss, while only 15% are in neutral territory.

Related Reading | Cardano (ADA) Price Touches $1.20 Aims To Regain Previous Losses

Nevertheless, indicators for the digital asset point towards a bullish outlook. Its futures market momentum shows that traders are turning bullish on the asset, and on-chain signals tell the same story. Exchange signals are however neutral with a perfect balance between bears and bulls.

Featured image from Bitcoin News, chart from TradingView.com